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Commentary: A Value Perspective of Family Firms

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  • Wenlong Yuan
  • Zhenyu Wu

Abstract

This commentary extends Hillier, Martínez, Patel, Pindado, and Requejo (2018) by placing their insights within a wider context of the debate between the agency theory and stewardship theory. To reconcile the conflicts between the two theories, we propose a family-value perspective to incorporate the intrinsic heterogeneity of family firms. We highlight how different family values may lead to different strategic behavior and how various theoretical perspectives may be best used to describe the behavior of family firms with certain specific values.

Suggested Citation

  • Wenlong Yuan & Zhenyu Wu, 2018. "Commentary: A Value Perspective of Family Firms," Entrepreneurship Theory and Practice, , vol. 42(2), pages 283-289, March.
    • Handle: RePEc:sae:entthe:v:42:y:2018:i:2:p:283-289
    DOI: 10.1177/1042258717748934
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    References listed on IDEAS

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    1. Danny Miller & Isabelle Le Breton‐Miller & Barry Scholnick, 2008. "Stewardship vs. Stagnation: An Empirical Comparison of Small Family and Non‐Family Businesses," Journal of Management Studies, Wiley Blackwell, vol. 45(1), pages 51-78, January.
    2. Isabelle Le Breton-Miller & Danny Miller & Richard H. Lester, 2011. "Stewardship or Agency? A Social Embeddedness Reconciliation of Conduct and Performance in Public Family Businesses," Organization Science, INFORMS, vol. 22(3), pages 704-721, June.
    3. Narjess Boubakri & Omrane Guedhami & Dev Mishra, 2010. "Family control and the implied cost of equity: Evidence before and after the Asian financial crisis," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 41(3), pages 451-474, April.
    4. Alain Verbeke & Liena Kano, 2012. "The Transaction Cost Economics Theory of the Family Firm: Family–Based Human Asset Specificity and the Bifurcation Bias," Entrepreneurship Theory and Practice, , vol. 36(6), pages 1183-1205, November.
    5. Aldrich, Howard E. & Cliff, Jennifer E., 2003. "The pervasive effects of family on entrepreneurship: toward a family embeddedness perspective," Journal of Business Venturing, Elsevier, vol. 18(5), pages 573-596, September.
    6. Chrisman, James J. & Chua, Jess H. & Kellermanns, Franz W. & Chang, Erick P.C., 2007. "Are family managers agents or stewards? An exploratory study in privately held family firms," Journal of Business Research, Elsevier, vol. 60(10), pages 1030-1038, October.
    7. Jess H. Chua & James J. Chrisman & Lloyd P. Steier & Sabine B. Rau, 2012. "Sources of Heterogeneity in Family Firms: An Introduction," Entrepreneurship Theory and Practice, , vol. 36(6), pages 1103-1113, November.
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    9. David Hillier & Beatriz Martínez & Pankaj C. Patel & Julio Pindado & Ignacio Requejo, 2018. "Pound of Flesh? Debt Contract Strictness and Family Firms," Entrepreneurship Theory and Practice, , vol. 42(2), pages 259-282, March.
    10. Marianne Bertrand & Antoinette Schoar, 2006. "The Role of Family in Family Firms," Journal of Economic Perspectives, American Economic Association, vol. 20(2), pages 73-96, Spring.
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    12. Elitsa R Banalieva & Kimberly A Eddleston, 2011. "Home-region focus and performance of family firms: The role of family vs non-family leaders," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 42(8), pages 1060-1072, October.
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    Cited by:

    1. Marleen Dieleman & Juliette Koning, 2020. "Articulating Values Through Identity Work: Advancing Family Business Ethics Research," Journal of Business Ethics, Springer, vol. 163(4), pages 675-687, May.
    2. James J. Chrisman & Jess H. Chua & Isabelle Le Breton-Miller & Danny Miller & Lloyd P. Steier, 2018. "Governance Mechanisms and Family Firms," Entrepreneurship Theory and Practice, , vol. 42(2), pages 171-186, March.

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